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Subject Business and Management » Entrepreneurship

DOI: 10.1111/b.9780631215738.1999.00013.x


If all entrepreneurs were wealthy, the need for financing growth would not be a factor in new firm development and growth. But this is the real world, and new firms typically must secure debt or equity to develop the product or service and to establish the market, the production capacity and the distribution network. External financing is not only needed at start-up but is required at any time that the growth or the growth plans cannot be funded by internally generated funds. Stevenson and a number of others have suggested that one means of spreading the existing financial resources is to control resources through leasing or renting rather than owning them. In this part we address the research on financing growth in Europe as well as the importance of informal and formal venture capital as a source of debt and equity for financing growth. Relatively little is known about the performance of the venture capital industry and even less about the informal venture capital market, yet their impact on growth financing is thought to be significant even though most measurements are really only estimates. This part includes an overview of “Financing Growth: Recent Developments in the European Scene” by Donckels in chapter 10; a review of the research literature related to “Informal Venture Capital and the Financing of Emergent Growth Businesses” by Mason and Harrison in chapter 11; a North ... log in or subscribe to read full text

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